Chase Freedom® Credit Card Review

Note: Some offer details in this article have expired and/or are being changed by the issuer. Appropriate updates will be applied to the article when the changes have been finalized.

In the world of cash back credit cards, there was a time when 1% was the gold standard. Those days are long gone. Now you have cards that are offering up to 3% back on everyday purchases. But even that’s not the most impressive offering. Today, 5% is king.

The Chase Freedom® card offers its card members 5% cash back on rotating quarterly categories. It’s because of this that the card is one of the most popular cash back credit cards available today. Before you apply, here are some things to know.

What You Get

To get people excited about the Chase Freedom® card, Chase offers its new card members a $150 cash back bonus after spending just $500 within the first three months. This is a pretty generous bonus for a no annual fee credit card. If you would like to add an authorized user to your account, you can earn an additional $25 bonus after they make their first purchase within the same three month period.

Where this card really starts to get exciting is with their cash back on spending. Each quarter there will be a new set of shopping categories that will be eligible to receive 5% back. This will be good on up to $1,500 each quarter.

In order to receive the 5% cash back, Chase requires their cardholders to activate the spending bonus each quarter. Cash back rewards accrued with the Chase Freedom® card are actually done with Chase Ultimate Reward points. Each point earned is worth one cent and Chase requires 2,000 points before you can cash out.

If you also have a Chase Sapphire Preferred® card in your wallet then you have even more options for your points. You can use your points to book travel through Ultimate Rewards at a 20% discount. You can also transfer your points to one of the many hotel and airline partners. A few of them include: Hyatt, United Airlines, Marriott, and Southwest Airlines.

Other than the stores that can earn 5% cash back, you will also earn 1% back on any other purchase. If you will be transferring a balance from another credit card then there is a balance transfer fee of 5% or $5 whichever is greater.

Another feature that is popular with a lot of cardholders is their price protection guarantee. If you purchase something with the Chase Freedom® card and you find it for a lower price within the first 90 days, then Chase will give you back the difference, up to $500 per claim and $2,500 per calendar year. This is a great benefit for a card that doesn’t have an annual fee.

What You Don’t Get

For a credit card that doesn’t have an annual fee, this is one of the best. However, there are a couple of smaller features that it does lack. If you frequently find yourself traveling outside of the United States, you might be disappointed that you will be charged a 3% foreign transaction fee when using your Chase Freedom® card.

Also, there have been quite a few cash back cards that have started offering a free monthly FICO score as a standard feature. Unfortunately, the Chase Freedom® card is not one of those. It’s likely that they might add it in the future, but that is uncertain.

The Bottom Line

In the world of cash back cards, you have those that are average, and then you have a couple that stand out above the rest. The Chase Freedom® card is one that stands out. While its flat 1% cash back isn’t exciting, the ability to earn 5% cash back on different categories each quarter certainly is. If you are in the market for a new cash back credit card to add to your wallet then the Chase Freedom® card should be at the top of your list.

ABOUT THE AUTHOR

Sean Bryant is a Denver based freelance writer specializing in travel, credit cards and personal finance. With nearly 10 years of writing experience his work has appeared in many of the industries top publications. He holds a bachelor of arts degree in economics. He also runs OneSmartDollar.com. When not working Sean enjoys spending time with his wife, daughter and dog Charlie and can frequently be found on his bike or snowboard. Learn more about Sean Bryant

EDITORIAL NOTE

Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.

Cash Back

Cash Back

Rewards Cards

Our Mission

Our mission is to empower consumers to find and use the right credit card. Our industry-recognized credit card experts explain the best ways to use credit cards, earn rewards, and avoid debt and interest fees.

POPULAR ISSUERS

ADVERTISER DISCLOSURE

Credit Cards Explained receives compensation from the credit cards listed on our site. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Our offers do not represent all credit card companies and deals available. When considering a card, see the issuer's online application for official details about terms and conditions. Reasonable efforts are made to maintain accurate information; however, all credit card information is presented without warranty. APRs may vary depending on your credit background and current interest rates.

Credit scores are for guideline purposes and do not guarantee approval. Your personal financial situation and lender terms and conditions can impact credit approval.

EDITORIAL NOTE

Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

Credit Cards Explained may earn affiliate commissions from our partners on this page. These commissions do not affect how we select, rate, or review products. To find out more, read our complete terms of use.